This week’s tech rout did more than puncture one of the year’s hottest trades: it exposed the machinery of modern speculation — and how quickly it can work in reverse.
A retail-fueled unwind in AI chip stocks reverberated through semiconductor shares across Asia and the US, hammering leveraged ETFs and denting newly launched SpaceX funds. Elsewhere, the unraveling of Michael Saylor’s Strategy Inc. rattled crypto markets as one of the industry’s biggest financial-engineering machines for Bitcoin exposure came under pressure.
